1. Field of the Invention
This invention relates generally to property value prediction and more particularly to confidence scoring for predicted property values.
2. Description of the Related Art
A confidence score is a quantification of the likelihood that a result is correct or accurate. Typically, a “good” confidence score indicates that a predicted property value is likely to be accurate, and a “bad” confidence score indicates otherwise. The score may be variously provided, including but not limited to percentages, numbers, or ranges.
Confidence scoring systems and corresponding techniques have been developed for predicted property values. A confidence score offers a form of accuracy indication for property values predicted by a collateral assessment or property value prediction (PVP) model. This accuracy indication, together with the predicted property value, is used for mortgage underwriting, post-purchase review of mortgages, and other purposes. Having a reliable indication of accuracy may be as important as having a reliable predicted property value in support of various business operations.
While conventional confidence scoring for property value prediction has been useful, there remains a need for confidence scoring that provides useful results to the user, that integrates well with property value prediction models, and that provides consistently accurate results.